Gold IRA Investments
A gold IRA investment, also known as a precious metals IRA, is a retirement account where precious metals, including but not limited to gold, are held instead of paper assets. Your gold investment IRA will function the same way a regular IRA functions, and is usually self-directed.
The only difference is that the assets in your IRA are physical precious metals. A gold IRA investment is a great way to diversify your assets. The four metals allowed in an individual gold investment IRA account are gold, silver, platinum and palladium, and can only be held in IRS approved products. The metals must also meet the IRS’ fineness standards and cannot be in the custody of IRA owner but must be in the custody of a trustee as defined by the IRS code.
Benefits of a Having Gold IRA Investments
- Portfolio diversification is one of the main reasons why you need a gold IRA account.
- A gold IRA investment can be used to insure the rest of your retirement portfolio and protect against inflation.
- Helps to manage the risk of 100% investment in a volatile stock market.
Choosing a Reliable Custodian
- Choose a custodian that has a clean track record by looking at customer reviews on the specific custodian.
- Ensure that you are aware of all costs up front to avoid any hidden fees later on.
- Make sure that your custodian has the proper licensing and insurance to protect your investment.
All precious metals acquired must also be stored in an approved depository. All other IRS rules pertaining to IRA distributions, taxes, and contributions apply.
All in all, if you are looking to diversify your portfolio or save for retirement, gold IRA investments are the way to go. Our team at Goldco Precious Metals is waiting to help you make the smart choice to diversify your IRA portfolio today.